There’s plenty of evidence that Puda Coal Inc. engaged in accounting fraud in 2011. Shareholders, however, have struggled hold anyone accountable for their losses in the U.S.-listed Chinese company.

A quintet of securities class action plaintiffs firms finally made some headway on Monday, winning a ruling that they can proceed with claims against Puda’s underwriters, the boutique investment banks Macquarie Capital and Brean Murray Carret & Co.